The Bank of Zambia has with immediate effect placed Zampost Micro Finance Limited into Compulsory Liquidation.
Central Bank Deputy Governor Operations Dr Francis Chipimo said this is in line with the requirements of section 127 (2) of the Banking and Financial Services act.
Dr Chipimo has advised shareholders, Directors, depositors creditors and any other interested party that they may within 30 days from the date of this notice file an appeal against the liquidation order to the Court stating the grounds for objection in accordance with section 127(30 of the Banking and Financial Services Act.
He said during the liquidation period the activities of the Zampost Micro finance Limited will be restricted to the realization of Assets and discharging of the institution’s obligation.
Dr Chipimo said in a statement that the Bank has since appointed a Liquidation Manager to overseer the activities of the Liquidation process.
He explained that the Bank of Zambia has prepared a statement of Affairs of the Assets and Liabilities within the 90 days stipulated in section 72 of the Banking and Financial Services Act 2017 following the possession of the Zampost Micro finance Limited on 19th July 2019.
Dr Chipimo said the statement of the Affairs has determined that the Zampost Micro finance Limited was indeed insolvent as defined by the Banking and financial Services Act at the time of possession.
Lungu’s economy is all downwards its so sad .Soon Zambia itself will be under liquidation as all economic indicators are heading southwards.
This has serious implications for Zampost which has not paid salaries for 8 months now!
The problem is attributed to management lack of expertise from simfukwe, chanda to now ngoma and his directors these people have no clue of what is happening because the company has lost most of the key staff. You cannot get any jim and jack to run a bank or insurance company the same goes for post office. This is a 500 year institution that operates the same around the world!
Monday Chanda, can you please shed some light, & comment how your brother McPherson used the “Philosophy of Nachitolafye” to help bankrupt Zampost!
SHAMEFUL, VERY SHAMEFUL INDEED!!!
GRZ and BOZ can’t even explain how a state owned and run company can get insolvent – GRZ and company obviously misused depositors’ money! Where do we run to with these kind of habits?
The problem with people who shun away from the National day of prayer and fasting are stubbon and this is how far they can think all the time. As Alangizi we are wondering that he has come back after the prayers, really? And instead of appreciating the government, They are there critisizing the efforts being done. Do they have a company which makes money so that they can donate? these people are behaving like rats which have seen a cat and runs away. Country men and women they ran away from prayers and after the prayers they are back on the scene and yapping nonsense. Shame and fire on them.
From: Alangizi Ba Chitukuko and Moral Clarity Team
So Alangizi what have you brought from your hypocritical prayers? Prayer is not a substitute for hard work and vision.